Business
Cadbury’s Revenue Increased by 28% to N35bn.
Cadbury’s revenue Increased by 28% to N35bn.
Cadbury grows revenue by 28% to N35bn
Cadbury Nigeria Plc has announced a turnover of N35.61 billion for the six-month period ended June 30, 2023, representing an increase of 27.7 percent over the N27.877 billion recorded during the same period in 2022.
NewsReport Nigeria reports that the company’s gross profit rose by 74.7 percent to N10.230 billion from N5.854 billion in 2022, while its operating profit for the period under review increased by 113.2 percent to N6.072 billion from N2.848 billion in 2022.
Cadbury’s revenue Increased by 28% to N35bn.
In a statement, the company’s Managing Director, Oyeyimika Adeboye, attributed the company’s revenue growth to strong sales execution, focused brand building, and tactical trade and consumer activities across the country.
However, the company noted in the statement that businesses operating in Nigeria continued to face tough challenges with rising inflation and devaluation, leading to higher manufacturing and operational costs. Despite recording an operating profit of N6.072 billion, this performance was significantly impacted by the recent devaluation of the Naira. “We shall continue to remain resilient and innovative to navigate the challenging operating environment,” Adeboye said.
